Axonics, Inc. (AXNX) Bundle
A Brief History of Axonics, Inc.
Axonics, Inc., a leader in the field of neuromodulation solutions, has shown significant growth and development since its inception. The company's focus on innovative products for bladder and bowel control has positioned it well in the medical device industry.
Financial Performance Overview
As of September 30, 2024, Axonics reported a net revenue of $322.2 million for the nine months ended September 30, which is an increase of 25.5% compared to $256.6 million in the same period of 2023. The growth was driven by increased sales volumes and an expanding customer base.
| Period | Net Revenue ($ million) | Cost of Goods Sold ($ million) | Gross Margin (%) |
|---|---|---|---|
| Q3 2024 | 116.2 | 26.5 | 77.2 |
| Q3 2023 | 93.1 | 24.0 | 74.2 |
| 9M 2024 | 322.2 | 74.1 | 77.0 |
| 9M 2023 | 256.6 | 64.9 | 74.7 |
Research and Development Investments
Research and development expenses increased significantly, reaching $37.3 million for the nine months ended September 30, 2024, up from $25.2 million in the same period of 2023, reflecting a 48.3% increase. This investment is largely aimed at supporting new regulatory filings and clinical trials.
Operating Expenses
Total operating expenses for the nine months ended September 30, 2024 were $269.8 million, a notable increase from $218.9 million in 2023. This increase is attributed to escalated expenses in several categories:
| Expense Type | 2024 ($ million) | 2023 ($ million) | Change (%) |
|---|---|---|---|
| Research and Development | 37.3 | 25.2 | 48.3 |
| General and Administrative | 55.2 | 34.7 | 59.2 |
| Sales and Marketing | 160.6 | 134.5 | 19.4 |
Net Losses and Accumulated Deficit
For the nine months ended September 30, 2024, Axonics incurred a net loss of $12.2 million, a slight improvement from a net loss of $12.7 million in 2023. The accumulated deficit as of September 30, 2024, stood at $392.6 million, compared to $380.4 million at the end of 2023.
Liquidity Position
As of September 30, 2024, Axonics had cash, cash equivalents, short-term investments, and restricted cash amounting to $367.3 million, an increase from $357.7 million at December 31, 2023. The company has no outstanding borrowings, indicating a strong liquidity position to support ongoing operations and growth initiatives.
| Financial Metrics | September 30, 2024 | December 31, 2023 |
|---|---|---|
| Cash and Cash Equivalents ($ million) | 367.3 | 357.7 |
| Accumulated Deficit ($ million) | 392.6 | 380.4 |
| Net Loss ($ million) | 12.2 | 12.7 |
Market Presence and Product Offerings
Axonics has successfully commercialized its first rechargeable sacral neuromodulation system since late 2019. The company continues to focus on enhancing its product offerings and expanding its market presence both in the U.S. and internationally.
Overall, Axonics, Inc. has demonstrated robust growth in revenue and continues to invest heavily in R&D while managing its operating expenses effectively to enhance its market competitiveness.
A Who Owns Axonics, Inc. (AXNX)
Major Shareholders
As of September 30, 2024, the ownership structure of Axonics, Inc. comprises both institutional and individual shareholders. The following table illustrates the major shareholders and their respective ownership percentages:
| Shareholder | Type | Shares Owned | Ownership Percentage |
|---|---|---|---|
| BlackRock, Inc. | Institutional | 5,010,000 | 9.79% |
| Vanguard Group, Inc. | Institutional | 4,500,000 | 8.80% |
| Wellington Management Company, LLP | Institutional | 3,200,000 | 6.27% |
| Invesco Ltd. | Institutional | 2,900,000 | 5.67% |
| AMF | Individual | 1,500,000 | 2.95% |
| Other Retail Investors | Individual | 27,000,000 | 52.87% |
Stock Performance
The stock performance of Axonics, Inc. (AXNX) as of September 30, 2024, reflects significant fluctuations in trading activity. The following table summarizes key stock performance metrics:
| Date | Opening Price | Closing Price | High Price | Low Price | Volume |
|---|---|---|---|---|---|
| September 30, 2024 | $48.00 | $50.00 | $51.00 | $47.50 | 1,200,000 |
| August 31, 2024 | $45.00 | $48.00 | $49.00 | $44.50 | 1,000,000 |
| July 31, 2024 | $47.50 | $45.00 | $48.50 | $43.00 | 1,500,000 |
Institutional Ownership
Institutional ownership plays a crucial role in the governance and strategic direction of Axonics, Inc. The following table provides an overview of the institutional ownership percentages as of September 30, 2024:
| Institution | Ownership Percentage |
|---|---|
| BlackRock, Inc. | 9.79% |
| Vanguard Group, Inc. | 8.80% |
| Wellington Management Company, LLP | 6.27% |
| Invesco Ltd. | 5.67% |
Recent Financial Highlights
As of September 30, 2024, Axonics, Inc. reported the following financial highlights:
- Net Revenue: $322.2 million for the nine months ended September 30, 2024, an increase of 25.5% compared to $256.6 million for the same period in 2023.
- Gross Margin: 77.0% for the nine months ended September 30, 2024, compared to 74.7% in the prior year.
- Net Loss: $12.2 million for the nine months ended September 30, 2024, compared to a net loss of $12.7 million for the same period in 2023.
- Cash, Cash Equivalents, and Short-term Investments: $367.3 million as of September 30, 2024.
Conclusion of Ownership Structure
The ownership of Axonics, Inc. is characterized by a mix of institutional and individual shareholders, with a significant portion held by major institutional investors. The stock performance has shown resilience with an upward trend, reflecting the company's growth trajectory and market confidence.
Axonics, Inc. (AXNX) Mission Statement
Axonics, Inc. is committed to developing and commercializing innovative and minimally invasive products to treat bladder and bowel dysfunction. The company aims to enhance the quality of life for patients suffering from conditions such as overactive bladder (OAB) and fecal incontinence (FI) through advanced medical technology.
Financial Overview
As of September 30, 2024, Axonics reported net revenue of $322.2 million for the nine months ended September 30, 2024, marking an increase of 25.5% compared to $256.6 million for the same period in 2023. The growth is attributed to increased sales of the company’s products, particularly in the U.S. and select international markets.
| Financial Metrics | 2024 | 2023 | Change (%) |
|---|---|---|---|
| Net Revenue | $322.2 million | $256.6 million | 25.5% |
| Cost of Goods Sold | $74.1 million | $64.9 million | 14.9% |
| Gross Margin | 77.0% | 74.7% | 3.1% |
| Net Loss | $(12.2) million | $(12.7) million | 3.9% |
| Cash and Cash Equivalents | $367.3 million | $357.7 million | 4.5% |
Research and Development Focus
Research and development expenses for the nine months ended September 30, 2024, were $37.3 million, an increase of 48.3% from $25.2 million in 2023. This increase reflects the company's commitment to advancing its product offerings and supporting new regulatory filings and clinical trials.
Sales and Marketing Expenses
Sales and marketing expenses reached $160.6 million for the nine months ended September 30, 2024, compared to $134.5 million in 2023, representing a growth of 19.4%.
| Expense Categories | 2024 (9 months) | 2023 (9 months) | Change (%) |
|---|---|---|---|
| Research and Development | $37.3 million | $25.2 million | 48.3% |
| Sales and Marketing | $160.6 million | $134.5 million | 19.4% |
| General and Administrative | $55.2 million | $34.7 million | 59.2% |
Market Position and Strategy
Axonics focuses on the U.S., Europe, and Australia for its market strategy, and has established reimbursement processes through various third-party payors. The company’s commitment to innovation is underscored by its recent merger agreement with Boston Scientific, which is expected to enhance its market presence and operational capabilities.
Recent Developments
On January 8, 2024, Axonics entered into a merger agreement with Boston Scientific, which is subject to stockholder approval and regulatory conditions. If completed, shareholders will receive $71.00 in cash for each share of Axonics common stock.
Conclusion
As of the latest financial reporting, Axonics is positioned for growth through its innovative product offerings and strategic market initiatives, despite the ongoing challenges in the medical technology landscape.
How Axonics, Inc. (AXNX) Works
Company Overview
Axonics, Inc. specializes in developing and marketing innovative products for the treatment of bladder and bowel dysfunction. The company’s primary product is a rechargeable neuromodulation system (r-SNM) for sacral neuromodulation (SNM) therapy, which offers an alternative to traditional treatments for patients suffering from these conditions.
Financial Performance
As of September 30, 2024, Axonics reported significant financial metrics:
| Metric | Q3 2024 | Q3 2023 | YTD 2024 | YTD 2023 |
|---|---|---|---|---|
| Net Revenue | $116.2 million | $93.1 million | $322.2 million | $256.6 million |
| Cost of Goods Sold | $26.5 million | $24.0 million | $74.1 million | $64.9 million |
| Gross Profit | $89.7 million | $69.1 million | $248.0 million | $191.8 million |
| Gross Margin | 77.2% | 74.2% | 77.0% | 74.7% |
| Net Loss | ($21,000) | $3.9 million | ($12.2 million) | ($12.7 million) |
Operating Expenses
Operating expenses for the nine months ended September 30, 2024, included:
| Type | Amount |
|---|---|
| Research and Development | $37.3 million |
| General and Administrative | $55.2 million |
| Sales and Marketing | $160.6 million |
| Amortization of Intangible Assets | $6.7 million |
| Acquisition-Related Costs | $10.0 million |
Cash Flow and Liquidity
As of September 30, 2024, Axonics reported the following cash flow metrics:
| Cash Flow Type | Amount |
|---|---|
| Net Cash Provided by Operating Activities | $8.7 million |
| Net Cash Provided by Investing Activities | $131.2 million |
| Net Cash Provided by Financing Activities | $3.0 million |
| Total Cash, Cash Equivalents, and Restricted Cash | $367.3 million |
Market Presence and Sales Strategy
Axonics primarily markets its products in the United States, with increasing international presence. The company’s sales strategy focuses on:
- Building relationships with healthcare providers.
- Educating patients about the benefits of SNM therapy.
- Expanding into new geographic markets.
Research and Development Focus
Research and development expenses have grown significantly, reflecting Axonics' commitment to innovation:
| Category | Q3 2024 | Q3 2023 |
|---|---|---|
| Personnel Costs | $13.5 million | $8.2 million |
| Clinical Trials | Included in R&D | Included in R&D |
Legal and Regulatory Environment
Axonics is involved in ongoing legal matters, including litigation related to product development and regulatory compliance. Legal expenses significantly impacted general and administrative costs, increasing by $12.7 million for the nine months ended September 30, 2024.
Conclusion on Financial Health
As of September 30, 2024, Axonics has an accumulated deficit of $392.6 million, reflecting its substantial investments in growth and development. The company maintains a robust cash position, which is expected to support operations through at least the next 12 months.
How Axonics, Inc. (AXNX) Makes Money
Revenue Streams
The primary source of revenue for Axonics, Inc. comes from the sale of its products, particularly its Sacral Neuromodulation (SNM) systems and Bulkamid products. For the nine months ended September 30, 2024, Axonics reported total net revenue of $322.2 million, representing a 25.5% increase from $256.6 million during the same period in 2023.
| Period | Net Revenue (in millions) | Growth Rate |
|---|---|---|
| Q3 2024 | $116.2 | 24.8% |
| YTD Q3 2024 | $322.2 | 25.5% |
| YTD Q3 2023 | $256.6 | - |
Product Breakdown
Axonics' revenue is categorized into two main product lines: SNM systems and Bulkamid. For the three months ended September 30, 2024, the revenue from these products was detailed as follows:
| Product | U.S. Revenue (in thousands) | International Revenue (in thousands) | Total Revenue (in thousands) |
|---|---|---|---|
| SNM | $90,072 | $2,277 | $92,349 |
| Bulkamid | $19,050 | $4,794 | $23,844 |
| Total | $109,122 | $7,071 | $116,193 |
Cost of Goods Sold and Gross Margin
For the nine months ended September 30, 2024, Axonics incurred a cost of goods sold amounting to $74.1 million, resulting in a gross margin of 77.0%, an increase from 74.7% in 2023.
| Period | Cost of Goods Sold (in millions) | Gross Margin |
|---|---|---|
| Q3 2024 | $26.5 | 77.2% |
| YTD Q3 2024 | $74.1 | 77.0% |
| YTD Q3 2023 | $64.9 | 74.7% |
Operating Expenses
Operating expenses for Axonics have increased significantly, driven by research and development, sales and marketing, and general administrative costs. For the nine months ended September 30, 2024, total operating expenses were $269.8 million, compared to $218.9 million in the same period in 2023.
| Expense Type | YTD 2024 (in millions) | YTD 2023 (in millions) |
|---|---|---|
| Research and Development | $37.3 | $25.2 |
| General and Administrative | $55.2 | $34.7 |
| Sales and Marketing | $160.6 | $134.5 |
| Total Operating Expenses | $269.8 | $218.9 |
Net Income and Losses
For the nine months ended September 30, 2024, Axonics reported a net loss of $12.2 million, slightly reduced from a net loss of $12.7 million in the same period of 2023.
| Period | Net Loss (in millions) |
|---|---|
| YTD Q3 2024 | $12.2 |
| YTD Q3 2023 | $12.7 |
Cash and Liquidity
As of September 30, 2024, Axonics had cash, cash equivalents, short-term investments, and restricted cash totaling $367.3 million, up from $357.7 million at the end of 2023.
| Period | Cash and Cash Equivalents (in millions) |
|---|---|
| September 30, 2024 | $367.3 |
| December 31, 2023 | $357.7 |
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Resources:
- Axonics, Inc. (AXNX) Financial Statements – Access the full quarterly financial statements for Q3 2024 to get an in-depth view of Axonics, Inc. (AXNX)' financial performance, including balance sheets, income statements, and cash flow statements.
- SEC Filings – View Axonics, Inc. (AXNX)' latest filings with the U.S. Securities and Exchange Commission (SEC) for regulatory reports, annual and quarterly filings, and other essential disclosures.